RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (TABLES)

12 Months Ended

Jun. 30, 2012

Notes to Financial Statements [Abstract]

Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis Table

The following table sets forth the Company's financial assets and liabilities as of June 30, 2012 and 2011 that were measured at fair value on a recurring basis during the period, segregated by level within the fair value hierarchy:

	Level 1				Level 2				Level 3				Total
As of June 30	2012		2011		2012		2011		2012		2011		2012		2011
ASSETS RECORDED AT FAIR VALUE
Investment securities	$	9	$	16	$	—	$	—	$	24	$	23	$	33	$	39
Derivatives relating to:
Foreign currency hedges	—		—		—		1		—		—		—		1
Other foreign currency instruments(1)	—		—		86		182		—		—		86		182
Interest rates	—		—		298		163		—		—		298		163
Net investment hedges	—		—		32		—		—		—		32		—
Commodities	—		—		3		4		—		—		3		4
TOTAL ASSETS RECORDED AT FAIR VALUE(2)	9		16		419		350		24		23		452		389
LIABILITIES RECORDED AT FAIR VALUE
Derivatives relating to:
Foreign currency hedges	$	—	$	—	$	142	$	119	$	—	$	—	$	142	$	119
Other foreign currency instruments(1)	—		—		23		43		—		—		23		43
Net investment hedges	—		—		19		138		—		—		19		138
Commodities	—		—		2		1		—		—		2		1
TOTAL LIABILITIES AT FAIR VALUE(3)	—		—		186		301		—		—		186		301
LIABILITIES NOT RECORDED AT FAIR VALUE
Long-term debt (4)	25,829		24,940		2,119		1,486		—		—		27,948		26,426
TOTAL LIABILITIES RECORDED AND NOT RECORDED AT FAIR VALUE	25,829		24,940		2,305		1,787		—		—		28,134		26,727

⁽¹⁾  Other foreign currency instruments are comprised of foreign currency financial instruments that do not qualify as hedges.

⁽²⁾  Investment securities are presented in other noncurrent assets and all derivative assets are presented in prepaid expenses and other current assets or other noncurrent assets.

⁽³⁾  All liabilities are presented in accrued and other liabilities or other noncurrent liabilities.

⁽⁴⁾  Long-term debt includes the current portion ($4,095 and $3,008 as of June 30, 2012 and 2011, respectively) of debt instruments. Long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes. Fair values are generally estimated based on quoted market prices for identical or similar instruments.

Schedule of Derivative Instruments

Disclosures about Derivative Instruments

The notional amounts and fair values of qualifying and non-qualifying financial instruments used in hedging transactions as of June 30, 2012 and 2011 are as follows:

	Notional Amount				Fair Value Asset/(Liability)
As of June 30	2012		2011		2012			2011
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS
Interest rate contracts	$	—	$	—	$	—		$	—
Foreign currency contracts	831		831		(142		)	(118		)
Commodity contracts	—		16		—			4
TOTAL	831		847		(142		)	(114		)
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts	$	10,747	$	10,308	$	298		$	163
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Net investment hedges	$	1,768	$	1,540	$	13		$	(138	)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts	$	13,210	$	14,957	$	63		$	139
Commodity contracts	125		39		1			(1		)
TOTAL	13,335		14,996		64			138

The total notional amount of contracts outstanding at the end of the period is indicative of the level of the Company's derivative activity during the period.

	Amount of Gain/(Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion)
As of June 30	2012		2011
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS
Interest rate contracts	$	11	$	15
Foreign currency contracts	22		32
Commodity contracts	—		3
TOTAL	33		50
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Net investment hedges	$	6	$	(88	)

The effective portion of gains and losses on derivative instruments that was recognized in OCI during the years ended June 30, 2012 and 2011 is not material. During the next 12 months, the amount of the June 30, 2012, accumulated OCI balance that will be reclassified to earnings is expected to be immaterial.

The amounts of gains and losses on qualifying and non-qualifying financial instruments used in hedging transactions for the years ended June 30, 2012 and 2011 are as follows:

	Amount of Gain/(Loss) Reclassified  from Accumulated OCI into  Income(1)
Years ended June 30	2012		2011
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS
Interest rate contracts	$	6	$	7
Foreign currency contracts	5		(77		)
Commodity contracts	3		20
TOTAL	14		(50		)

	Amount of Gain/(Loss) Recognized in Income
Years ended June 30	2012			2011
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS(2)
Interest rate contracts	$	135		$	(28	)
Debt	(137		)	31
TOTAL	(2		)	3
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS(2)
Net investment hedges	$	(1	)	$	—
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS(3)
Foreign currency contracts(4)	$	(1,121	)	$	1,359
Commodity contracts	2			3
TOTAL	(1,119		)	1,362

⁽¹⁾  The gain or loss on the effective portion of cash flow hedging relationships is reclassified from accumulated OCI into net income in the same period during which the related items affect earnings. Such amounts are included in the Consolidated Statements of Earnings as follows: interest rate contracts in interest expense, foreign currency contracts in selling, general and administrative and interest expense, and commodity contracts in cost of products sold.

⁽²⁾  The gain or loss on the ineffective portion of interest rate contracts, debt and net investment hedges, if any, is included in the Consolidated Statements of Earnings in interest expense.

⁽³⁾  The gain or loss on contracts not designated as hedging instruments is included in the Consolidated Statements of Earnings as follows: foreign currency contracts in selling, general and administrative expense and commodity contracts in cost of products sold.

⁽⁴⁾  The gain or loss on non-qualifying foreign currency contracts substantially offsets the foreign currency mark-to-market impact of the related exposure.